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CHAMPION OF THE DAY
MoU: Capital Markets Authority, Egypt, Germany
The Capital Markets Authority (CMA) will sign two Memorandums of Understanding (MoUs). The first will be signed with the Egyptian Financial Supervisory Authority (EFSA), and the second will be signed with the German Federal Financial Supervisory Authority (BaFin).
“The purpose of these MoUs is to exchange information about the concerned capital markets, protect investors, control trading, get the necessary technical assistance, and develop the financial sector,” said Sami Saliba, Executive Board Member of the CMA.
The CMA has already signed a MoU with its counterpart in France, Autorité des Marchés Financiers (AMF), in May.
“These two MoUs are ready to be signed, while the CMA is putting the final touches to sign additional MoUs, with capital market authorities in Arab countries,” saidSaliba.
The CMA launched an initial set of market regulations, in September. They consisted of licensing and registration regulations related to financial institutions, business conduct regulations that define how individuals and institutions should deal with the CMA, and market conduct, which determines how the market should deal in securities.
“These three regulations are not in their final version yet, they are in market consultation by submitting them for financial institutions directly or through their associations for review, in order to be approved and issued later by the CMA,” said Saliba.
The three new regulations will be launched at the end of the first quarter of 2015, according to Saliba. “They cover the rules related to listing, securities issuance, and mutual funds, and will also be considered as drafts for market consultation,” he said.
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Nov 05, 2014
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